Why Small Businesses Should Accept Credit Cards

Nowadays, people are going out and barely bringing cash along with them. Credit card payment systems are already common for other big companies and it’s time that even small business owners should consider having this type of system as there are several benefits it can give to your budding organization.

If you do have a retail business and customers would ask, “do you accept credit cards?” Your answer should never be a no. What if it’s a sales opportunity missed or you just might lose that customer?

You may think that you can’t afford to get a credit card processing system or you don’t know where to get it from. SumUp is a company that introduces advanced credit card terminals that allows anyone to accept credit cards anytime, anywhere. Plus, the latest credit card reader system gives small business owners the same opportunity like with the larger stores too.

It should be a no-brainer for small businesses to accept credit cards and here’s why:

  • Increase sales. The use of credit card and debit cards have been increasing and more people are carrying less cash. Everyone from teenagers to senior citizens uses plastic to purchase items and if they seem that you don’t cater to these, they will take their business somewhere else. If you offer the ability of payment processing at your store, customers can go ahead and shop regardless of how much money they do have on hand.
  • Improved cash flow. Checks take a while to clear but credit card transactions only take only a few business days to be deposited.
  • Ability to bring in more customers. A lot of people prefer convenience. If they need to go in line to an ATM just to make a purchase in your store, they may opt for the competition and just skip you over completely. When you accept credit cards, you ensure the best customer service experience and chances are, these customers may also recommend your business to their friends or relatives.
  • Customers may potentially spend more. This is good for the business – since customers can’t see the money being exchanged in a credit card unlike cash transactions, people tend to swipe more when they shop which means more impulse buying at the store.
  • No need to deal with bounced checks. Dealing with bounced checks can both be awkward and a pain at the same time. However, credit card transactions are more secured to reduce the risk of fraud. If customers see that you are also doing the effort to make them feel secure in every transaction they make in your business, you can instill a sense of trust with your customers and they will patronize your business more.

 

Whether your business is offline or online, accepting credit cards can offer positive results for you and oftentimes, the benefits will outweigh the small cost for taking advantage of this processing system.

Need more information about SumUp? Here’s a short video clip of our Money20/20 experience.